December 28, 2018 / 12:11 PM / 23 days ago

RPT-ICRA ratings for Indian debt instruments-Dec 28

 (Repeating to add additional ratings as of December 27, 2018)
    Dec 28 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 27, 2018.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Arambhan Hospitality Services           ST: Non-fund based    ICRA D       10      -
Ltd (Erstwhile Cawasji
Behramji Catering Services Ltd)
Acme Formulation Pvt Ltd                Non-fund Based -      ICRA A3+     50      Reaffirmed
                                        Working Capital Fac
Axis Bank Ltd                           Certificates of       ICRA A1+     600000  outstanding
                                        Deposit Programme
Gemini Exports                          ST Non-Fund Based -   ICRA A4      -       Reaffirmed
                                        LOC^
Gemini Exports                          ST Non-Fund Based -   ICRA A4      -       Reaffirmed
                                        BG^
Jeyenkay Petrogels Pvt Ltd              Non-FBL               ICRA A4      110     Upgraded
                                                                                   from ICRA D
Jindal Pipes Ltd                        CP                    ICRA A1+     500     Reaffirmed
Jindal Pipes Ltd                        CP                    ICRA A1+     500     Reaffirmed
Kemco Corporation                       ST: Non-fund based    ICRA A4+     240     -
Rating moved to ‘Issuer Not Cooperating’ category
Kemco Corporation                       ST: Interchangeable   ICRA A4+     -       -
Rating moved to ‘Issuer Not Cooperating’ category
Milsha Agro Exports Pvt. Ltd.           FB– Packing Credit    ICRA A4      120     Assigned
Milsha Agro Exports Pvt. Ltd.           Fund based – Foreign  ICRA A4      50      Assigned
                                        Bills Discount
                                        against LOC
Milsha Agro Exports Pvt. Ltd.           Non-fund based        ICRA A4      10      Assigned
                                        –Forward Contract
Milsha Agro Exports Pvt. Ltd.           Non-fund based – BG^  ICRA A4      -       Assigned
Mmodal Global Services Pvt Ltd          ST FB Limits          ICRA A2+     270     -
Pavansut Paper Mill Pvt. Ltd.           Non-fund Based-BG     ICRA A4      7       Assigned
Polynova Industries Ltd                 Non-fund Based - LOC  ICRA A2+     250     Reaffirmed
Polynova Industries Ltd                 Non-fund Based –BG    ICRA A2+     15      Reaffirmed
Polynova Industries Ltd                 Non-fund Based –      ICRA A2+     12      Reaffirmed
                                        Forward Contracts
Polynova Industries Ltd                 Non-fund Based –      ICRA A2+     ##      Reaffirmed
                                        Buyers Credit
## Sub limit within the Letter of Credit limit
Radhika Industries                      ST, FB Limits – Bill  ICRA A4      340     -
                                        Discounting/Purchase
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Rucha Engineers Pvt Ltd                 ST Non FB             ICRA A2+,    50      Reaffirmed
Rucha Engineers Pvt Ltd                 ST unallocated        ICRA A2+,    6       Reaffirmed
Sabarmati Gas Ltd                       Non-fund Based -      ICRA A1+     2515    Reaffirmed
                                        Working Capital Fac
Shivam Agroprocess Pvt Ltd              Packing Credit        ICRA A4      350     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Skanray Technologies Pvt. Ltd.          ST - Non-Fund Based   ICRA A4+     50      Reaffirmed
Spartan Engineering Industries          ST Scale: Non-fund    ICRA A4      140     -
Pvt Ltd                                 based limits
Rating moved to the ‘Issuer Not Cooperating’ category,#consists interchangeable sublimit
Spartan Engineering Industries          ST Scale: Unallocated ICRA A4      0.2     -
Pvt Ltd                                 limits
Rating moved to the ‘Issuer Not Cooperating’ category
Spartan Engineering Industries          ST Scale:             ICRA A4      -       -
Pvt Ltd                                 Interchangeable limits
Rating moved to the ‘Issuer Not Cooperating’ category
Sri Swetharka Constructions             ST- BG                ICRA A4      30      Reaffirmed
Pvt Ltd
Veljan Hydrair Ltd                      BG                    ICRA A3      280     Reaffirmed
Veljan Hydrair Ltd                      LOC                   ICRA A3      20      Reaffirmed
Balbir Alloys Pvt Ltd                   ST non-FB limit       ICRA A4      10
Reaffirmed and removed from the ‘Issuer Not Co-operating’ Category
Bharat Kolkata Container                CP                    ICRA A1      500
Terminals Pvt Ltd
Surveillance process is underway
Cyient Ltd                              Corporate Governance  CGR2+        -
                                        rating
Review process is underway
East West Seeds India Pvt Ltd           ST – Nonfund Based    ICRA A2      20
Issuer Not Cooperating
Kanani Industries Ltd                   ST FB                 ICRA A4      250     Reaffirmed
Pearl Engineering Co.                   ST non FB             ICRA A4      175
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Renom Energy Services Llp               Non-fund based – LOC  ICRA A4      40
Issuer not cooperating
Shree Raj Mahal Diamonds Pvt.           ST - Interchangeable  ICRA D       -
Ltd
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Tanmay Polyfilms Pvt Ltd                Non-fund based – LOC  ICRA A4      40
Issuer Not Cooperating
Tasa Foods Pvt Ltd                      Fund based            ICRA A4+     220
Upgraded from ICRA A4
Tasa Foods Pvt Ltd                      Non-Fund based        ICRA A4+     60
Upgraded from ICRA A4
Varsha Cables Pvt. Ltd.                 ST-LOC/BG             ICRA A4      40      Reaffirmed


MEDIUM TERM RATINGS:
-------------------
Jindal Pipes Ltd                        FD                    MA+          500     Reaffirmed


LONG TERM RATINGS:
-------------------
Acme Formulation Pvt Ltd                FB -TL                ICRA BBB     227     Reaffirmed
Acme Formulation Pvt Ltd                FB - Working Capital  ICRA BBB     100     Reaffirmed
                                        Fac
Acme Formulation Pvt Ltd                Unallocated Limits    ICRA BBB     83      Reaffirmed
Acme Generics Llp                       FB -TL                ICRA BBB     750     Reassigned
                                                              (SO)                 from ICRA
                                                                                   BBB (SO)
Acme Generics Llp                       FB - Working Capital  ICRA BBB     100     Reassigned
                                        Fac                   (SO)                 from ICRA
                                                                                   BBB (SO)
Aircel Cellular Ltd                     FB/Non-FBL            ICRA D       174790^ -
Rating continues to remain under ‘Issuer Not Cooperating’ category,^These limits are
consolidated for Aircel Group; interchangeable among Aircel Limited, Aircel Cell
Aircel Ltd                              FB/Non-FBL            ICRA D       174790^ -
Rating continues to remain under ‘Issuer Not Cooperating’ category,^These limits are
consolidated for Aircel Group; interchangeable among Aircel Limited, Aircel Cell
Aircel Smart Money Ltd                  FB/Non-FBL            ICRA D       174790^ -
Rating continues to remain under ‘Issuer Not Cooperating’ category,^These limits are
consolidated for Aircel Group; interchangeable among Aircel Limited, Aircel Cell
Arambhan Hospitality Services           LT: Fund based        ICRA D       150     -
Ltd (Erstwhile Cawasji
Behramji Catering Services Ltd)
Rating moved to ‘Issuer Not Cooperating’ category
Rating moved to ‘Issuer Not Cooperating’ category
Asa International India                 Northern Arc 2018 MFI ICRA A-(SO)  265.9   -
Microfinance Ltd                        Nautilus PTC A1
confirmed as final
Asa International India                 Northern Arc 2018 MFI ICRA A-(SO)  1.5     -
Microfinance Ltd                        Nautilus PTC A2
confirmed as final
Axis Bank Ltd                           Basel III Complaint   ICRA         70000   outstanding
                                        Tier I Bonds ProgrammeAA+(hyb)
Axis Bank Ltd                           Infrastructure Bonds  ICRA AAA     142050  outstanding
                                        Programme
Axis Bank Ltd                           Lower Tier II Bonds   ICRA AAA     59250   outstanding
                                        Programme
Axis Bank Ltd                           Infrastructure        ICRA AAA     30000   Assigned
                                        Bonds/debentures --
                                        Programme
Axis Bank Ltd                           Basel III Complaint   ICRA         163500  outstanding
                                        Tier II Bonds         AAA(hyb)
                                        Programme
Dc Wovensack Pvt Ltd                    LT - TL               ICRA B+      66      Upgraded
                                                                                   from ICRA B
Dc Wovensack Pvt Ltd                    LT - CC               ICRA B+      32.5    Upgraded
                                                                                   from ICRA B
Dishnet Wireless Ltd                    FB/Non-FBL            ICRA D       174790^ -
Rating continues to remain under ‘Issuer Not Cooperating’ category,^These limits are
consolidated for Aircel Group; interchangeable among Aircel Limited, Aircel Cell
G.M. Fabrics Pvt Ltd                    LT Scale: Fund based  ICRA A-      740     -
                                        TL limits
Rating moved to the ‘Issuer Not Cooperating’ category
G.M. Fabrics Pvt Ltd                    LT and ST Scale: Fund ICRA         800     -
                                        based CC limits       A-/ICRA A2+
Rating moved to the ‘Issuer Not Cooperating’ category
G.M. Fabrics Pvt Ltd                    LT and ST Scale:      ICRA         40      -
                                        Unallocated limits    A-/ICRA A2+
                                        Trust Name
Rating moved to the ‘Issuer Not Cooperating’ category Rating Action
Ganga Papers India Ltd                  LT - Fund Based/ CC   ICRA BB-     60      -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Ganga Papers India Ltd                  LT/ ST – Fund Based   ICRA         80      -
                                                              BB-/ICRA A4
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Gemini Exports                          LT FB - Packing       ICRA BB-     90      Reaffirmed
                                        Credit (PC)/Post
                                        Shipment Credit (PSC)/Foreign Bill Purchase (FBP)
Gemini Exports                          LT - Unallocated      ICRA BB-     10      Reaffirmed
Jeyenkay Petrogels Pvt Ltd              FBL                   ICRA C+      34.5    Upgraded
                                                                                   from ICRA D
Jeyenkay Petrogels Pvt Ltd              Unallocated limit     ICRA         35.5    Upgraded
                                                              C+/ICRA A4           from ICRA
                                                                                   D/ICRA D
Jindal Pipes Ltd                        Issuer Rating         ICRA A+      -       Reaffirmed
Jindal Pipes Ltd                        Issuer Rating         ICRA A+      -       Reaffirmed
Kemco Corporation                       LT: Fund based        ICRA BB      110     -
Rating moved to ‘Issuer Not Cooperating’ category
Kemco Corporation                       LT/ST: Unallocated    ICRA BB /    200     -
                                        limits                ICRA A4+
Rating moved to ‘Issuer Not Cooperating’ category
Milsha Agro Exports Pvt. Ltd.           FB– TL                ICRA B+      20      Assigned
Pavansut Paper Mill Pvt. Ltd.           FB - TL               ICRA BB-     60.9    Assigned
Pavansut Paper Mill Pvt. Ltd.           FB - CC               ICRA BB-     85      Assigned
Pavansut Paper Mill Pvt. Ltd.           Unallocated limits    ICRA BB-/    9.1     Assigned
                                                              ICRA A4
Polynova Industries Ltd                 FB – CC/Working       ICRA A-      250     Reaffirmed
                                        capital demand loan
Polynova Industries Ltd                 FB - Working Capital  ICRA A-      ##      Reaffirmed
                                        Fac
## Sub limit within the Letter of Credit limit
Polynova Industries Ltd                 Unallocated Limits    ICRA         168     Reaffirmed
                                                              A-/ICRA A2+
Quality Woven Sacks Pvt Ltd             LT - Fund Based/ CC   ICRA BB-     140     -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Quality Woven Sacks Pvt Ltd             LT / ST - Unallocated ICRA BB-/A4  108.5   -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Radhika Industries                      LT, FB Limits –CC     ICRA BB-     -       -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Ras Polytex Pvt Ltd                     LT - Fund Based/ CC   ICRA BB-     65      -
Rating moved to the ‘Issuer Not Cooperating’ category
Ras Polytex Pvt Ltd                     LT / ST - Unallocated ICRA BB- /A4 59.7    -
Rating moved to the ‘Issuer Not Cooperating’ category
Rucha Engineers Pvt Ltd                 LT FB TL              ICRA A-      674     Reaffirmed
outlook revised from Stable
Rucha Engineers Pvt Ltd                 LT FB CC              ICRA A-      290     Reaffirmed
outlook revised from Stable
Sabarmati Gas Ltd                       TL                    ICRA AA-     473.4   Reaffirmed
Sabarmati Gas Ltd                       FB - Working Capital  ICRA AA-     135     Reaffirmed
                                        Fac
Sabarmati Gas Ltd                       LT/ST - Unallocated   ICRA         631     Reaffirmed
                                                              AA-/ICRA A1+
Shivam Agroprocess Pvt Ltd              FB – CC^              ICRA BB-     -       -
Rating continues to remain under ‘Issuer Not Cooperating’ category,^sub-limit of packing credit
Shivam Agroprocess Pvt Ltd              FB – TL               ICRA BB-     3.1     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Shivam Agroprocess Pvt Ltd              Unallocated Limits    ICRA BB-     20.8    -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Shree Datta Shetkari Sahakari           FB- Working Capital   ICRA BBB-    250     Assigned
Sakhar Karkhana Ltd, Shirol             Fac
Shri Balaji Sugars And                  LT - Fund based TL    ICRA D       650     Reaffirmed
Chemicals Pvt Ltd
Shri Balaji Sugars And                  LT Unallocated        ICRA D       150     Reaffirmed
Chemicals Pvt Ltd
Skanray Technologies Pvt. Ltd.          LT - Fund Based - TL  -            0       -
Skanray Technologies Pvt. Ltd.          LT/ST - Unallocated   -            0       -
Skanray Technologies Pvt. Ltd.          LT - Fund Based - CC  ICRA BB+     450     Reaffirmed
Spartan Engineering Industries          LT Scale: Fund based  ICRA B+      44.8    -
Pvt Ltd                                 TL limits
Rating moved to the ‘Issuer Not Cooperating’ category
Spartan Engineering Industries          LT Scale: Fund based  ICRA B+      250     -
Pvt Ltd                                 CC limits
Rating moved to the ‘Issuer Not Cooperating’ category
Sri Lakshmi Egg Farming Pvt Ltd         Fund Based-TL         ICRA B+      66      Reaffirmed
Sri Lakshmi Egg Farming Pvt Ltd         Fund Based-CC         ICRA B+      130     Reaffirmed
Sri Lakshmi Egg Farming Pvt Ltd         Unallocated Limits    ICRA         4       Reaffirmed
                                                              B+/ICRA A4
Sri Swetharka Constructions             LT- CC                ICRA B+      60      Reaffirmed
Pvt Ltd
Srinagar Banihal Expressway Ltd         FB Fac – TL           ICRA D       14400   -
Rating moved to the ‘Issuer Not Cooperating’ category
Veljan Hydrair Ltd                      CC                    ICRA BBB-    400     Reaffirmed
outlook revised to Negative from Stable
Veljan Hydrair Ltd                      TL                    ICRA BBB-    135     Reaffirmed
outlook revised to Negative from Stable
Veljan Hydrair Ltd                      Unallocated           ICRA BBB-    165     Reaffirmed
                                                              / ICRA A3
outlook revised to Negative from Stable
A.J. Mehta & Co. Llp                    LT: Fund based – Post ICRA BB      160
                                        Shipment Credit (PSC)
Issuer not cooperating
A.J. Mehta & Co. Llp                    LT/ST: Unallocated    ICRA BB /    10
                                        limit                 ICRA A4+
Issuer not cooperating
Avichal Buildcon Pvt. Ltd.              CC                    ICRA A       150     Assigned
Balbir Alloys Pvt Ltd                   LT FB limit           ICRA B+      80
Reaffirmed and removed from the ‘Issuer Not Co-operating’ Category
Bharat Kolkata Container                TL                    ICRA A       1100
Terminals Pvt Ltd
Surveillance process is underway
Bharat Kolkata Container                LT / ST non-fund      ICRA A/ICRA  500
Terminals Pvt Ltd                       based                 A1
Surveillance process is underway
Bharat Kolkata Container                LT / ST non-fund      ICRA A/ICRA  50
Terminals Pvt Ltd                       based (sub-limits)    A1
Surveillance process is underway
East West Seeds India Pvt Ltd           LT Fund Based – CC    ICRA BBB+    222.5
Issuer Not Cooperating
Fortune'S Sparsh Healthcare             FB – TL               ICRA D       75
Pvt Ltd
Issuer Not Cooperating
Ginni Holdings                          LT - Fund Based/ CC   ICRA D       220
Issuer Not Cooperating; Rating continues to remain in the ‘Issuer Not Cooperating’ category
Ginni Holdings                          ST - Non Fund Based   ICRA D       10
Issuer Not Cooperating; Rating continues to remain in the ‘Issuer Not Cooperating’ category
Ginni Holdings                          LT / ST-Unallocated   ICRA D /D    20
Issuer Not Cooperating; Rating continues to remain in the ‘Issuer Not Cooperating’ category
Goel Exim India Pvt Ltd                 LT – Fund Based/ CC   ICRA D       500
Issuer Not Cooperating; Rating continues to remain in the ‘Issuer Not Cooperating’ category
ITI Ltd                                 FB - Working Capital  ICRA BBB- /  9950    outstanding
                                        Fac                   ICRA A3
ITI Ltd                                 Non-fund              ICRA BBB- /  44840
                                        Based-Working Capital ICRA A3
                                        Fac
Assigned/ outstanding
Jawahar Shetkari Sahakari               LT - Fund Based – TL  ICRA BBB-    270.7   Reaffirmed
Sakhar Karkhana Ltd
Jawahar Shetkari Sahakari               LT - Fund Based/ CC   ICRA BBB-    4290    Reaffirmed
Sakhar Karkhana Ltd
Klystron Electronics Pvt Ltd            Bk Fac                ICRA BB /    100
                                                              ICRA A4
Issuer delayed in giving information
Lakhotia Transport Co. Pvt.             Bk Fac                ICRA BB+ /   360
Ltd.                                                          ICRA A4+
Review process is underway
Madhucon Projects Ltd                   FB Fac                ICRA D       4770.5
Rating moved to the ‘Issuer Not Cooperating’ category
Madhucon Projects Ltd                   Non-fund based        ICRA D       7282
Rating moved to the ‘Issuer Not Cooperating’ category
Madhucon Projects Ltd                   Unallocated Limits    ICRA D       1947.5
Rating moved to the ‘Issuer Not Cooperating’ category
Pearl Engineering Co.                   LT fundbased – CC     ICRA BB      80
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Pearl Engineering Co.                   LT fundbased – TL     ICRA BB      36.1
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Pearl Engineering Co.                   LT unallocated        ICRA BB      108.9
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Prestige Metallics Pvt Ltd              Bk Fac                ICRA BB- /   247
                                                              ICRA A4
Issuer not cooperating
Renom Energy Services Llp               FB – CC               ICRA B+      40
Issuer not cooperating
Shree Raj Mahal Diamonds Pvt.           LT - Fund Based/ CC   ICRA D       300
Ltd
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sree Chaitanya Corporation              LT - Unallocated      ICRA D       80
Pvt. Ltd.                               limits
Issuer Not Cooperating
Sribalaji Hatcheries Pvt Ltd            Bk loan Ratings       ICRA C       65
Issuer Not Cooperating
Tanmay Polyfilms Pvt Ltd                FB – CC               ICRA B-      30
Issuer Not Cooperating
Tanmay Polyfilms Pvt Ltd                FB – TL               ICRA B-      35
Issuer Not Cooperating
Tasa Foods Pvt Ltd                      Fund based            ICRA BB      97.5
Upgraded from ICRA BB-
Tasa Foods Pvt Ltd                      Non-Fund based        ICRA BB      10
Upgraded from ICRA BB-
Varsha Cables Pvt. Ltd.                 LT-CC                 ICRA BB-     85
Upgraded from ICRA B+
Vihaan Boards Pvt Ltd                   FB – CC               ICRA B+      70.5
Review process is underway
Vihaan Boards Pvt Ltd                   FB – TL               ICRA B+      60
Review process is underway
Vihaan Boards Pvt Ltd                   Unallocated Limits    ICRA B+      19.5
Review process is underway
Yedeshwari Agro Products Ltd            FB – TL               ICRA B-      555.5
Issuer Not Cooperating
Yedeshwari Agro Products Ltd            Unallocated           ICRA B-      74.5
Issuer Not Cooperating
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

ICRA may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222 , E-mail at
rru.data@thomsonreuters.com)
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